Archive for 3 July, 2010

My NUS Study Loans (Academic Year 2006-2010)

For my study at NUS from 2006 to 2010, I took:

  1. Government’s Tuition Grant
  2. OCBC Tuition Fee Loan (4 years)
  3. DBS NUS Study Loan (4 years)
  4. DBS NUS Notebook Loan

Upon graduation in 2010, besides 3-year employment bond, I need to pay back these:

OCBC Tuition Fee Loan DBS NUS Study Loan DBS Computer Loan
Loan Principal (SGD) $2749.5 * 8 semesters = 21,996 $2105.5 * 8 semesters = 16,844 $2000
Loan Interest (SGD) Average prime rate of DBS, OCBC and UOB (4.75% pa as of 2010) Average prime rate of DBS, OCBC and UOB (4.75% pa as of 2010) Interest-free
When to start paying Not later than 6 months after graduation or on securing employment, whichever is earlier Not later than 6 months after graduation or on securing employment, whichever is earlier Not later than the 1st day of the 7th month upon graduation
Min pay per  month $100 $100 $100
Max time to fully repay 20 years after graduation 20 years after graduation 24 months after graduation
Bank Contact OCBC Bank at 1800-438-3333 DBS Bank at 6333 0033 DBS Bank at 6333 0033

 

* How to start paying bank loans: Go to branch, fill up the “Repayment Form”

* How to get “Discharge/Release From Bond Obligation Form” after you have fulfilled 3-year employment: 

  • Ask company’s HR to help prepare a confirmation letter stating your employment start date and current status
  • Update employment status on MOE website
  • If there is no action from MOE after you have updated on the website for a while –> email them (MOE_tgonline@moe.gov.sg)
  • Shortly after I followed up with MOE, I received the Discharge Form through email. Happy.

3 July, 2010 at 9:10 pm 1 comment


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